MGM Resorts International (NYSE:MGM) Sets New 52-Week High After Analyst Upgrade

Key Points

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MGM Resorts International (NYSE:MGM - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $46.00 price target on the stock. MGM Resorts International traded as high as $41.63 and last traded at $41.5230, with a volume of 975001 shares. The stock had previously closed at $38.45.

A number of other research firms have also commented on MGM. Mizuho cut their price objective on shares of MGM Resorts International from $62.00 to $59.00 and set an "outperform" rating for the company in a research report on Monday, April 27th. KeyCorp raised shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 target price on the stock in a report on Monday, April 27th. Morgan Stanley increased their target price on shares of MGM Resorts International from $34.00 to $35.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 8th. Susquehanna cut their price target on shares of MGM Resorts International from $46.00 to $45.00 and set a "positive" rating for the company in a report on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of MGM Resorts International in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, MGM Resorts International has a consensus rating of "Hold" and an average target price of $48.18.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the sale, the director directly owned 5,347,978 shares in the company, valued at $183,275,206.06. The trade was a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Iac Inc. purchased 550,000 shares of the business's stock in a transaction on Monday, March 23rd. The stock was bought at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the purchase, the insider owned 66,372,350 shares in the company, valued at approximately $2,475,688,655. This represents a 0.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. raised its position in MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company's stock valued at $405,000 after purchasing an additional 262 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after purchasing an additional 281 shares in the last quarter. Asset Management One Co. Ltd. increased its position in shares of MGM Resorts International by 4.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock valued at $286,000 after purchasing an additional 313 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of MGM Resorts International by 0.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company's stock valued at $1,378,000 after purchasing an additional 328 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company's stock valued at $69,000 after buying an additional 355 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Trading Up 9.0%

The stock has a fifty day moving average of $37.63 and a two-hundred day moving average of $36.05. The company has a market capitalization of $10.72 billion, a PE ratio of 58.75 and a beta of 1.28. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The firm had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm's quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 EPS. As a group, sell-side analysts anticipate that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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